€3.3m for Limerick office block
A long standing office investment in Limerick city centre is to be offered for sale at a significant discount.
Isobel O’Regan of Savills is guiding €3.3 million for River House at Charlotte Quay in Limerick which has been occupied by the Revenue Commissioners since the 1980s.
The Revenue recently signed a new 10-year lease which includes break options in 2018 and 2020.
The 3,307sq m (35,600sq ft) block is currently producing a rental income of €345,320 which is due to rise incrementally each year up to 2016 when the figure will be €370,952.
The initial yield of 9.8 per cent illustrates how competitively priced the investment is for such a prime location in Limerick, according to Ms O’Regan.
The five-storey block fronts on to Charlotte Quay and has a private car park to the rear with 17 spaces.
The building adjoins the Arthur’s Quay area which is due to be redeveloped by Limerick City Council to create a new city square.
It also adjoins the planned Opera centre which is to be promoted as a location for new business and an innovation centre.